Complete Solaria acquires selected assets of Core Energy

Complete Solar has acquired selected assets of Core Energy, a Logan, Utah solar engineering, procurement and construction (EPC) firm, and hired its 37 employees, including the CEO, Cole Farmer, an industry veteran who will run Sales and Marketing for the combined company. Due to tight cost management and merit-based retention, Complete Solar’s headcount will increase from 106 to only 113 because of the acquisition. Cole Farmer has worked in Utah’s “Solar Valley” since joining Vivint in 2014. His most relevant experience came at Legacy Power, a large, private solar sales company, where he worked before starting Core Energy in 2019. Our industry is divided into solar sales companies, which typically sell systems door-to-door for about 30% of revenue and EPC companies, like Complete Solar, that install the systems. Cole grew Core Energy’s revenue to $143 million in the 2022 solar boom, before it dropped to its current annualized revenue of $22 million due to the solar downturn triggered by rate changes to California’s Net Energy Metering, which lowered the payment for home solar power delivered to the grid by 75%.